After Wednesday's collapse, China's Shanghai Composite just logged its largest one-day rise since 2009

Having thrown everything but the kitchen sink to prop up the nation's faltering stock market, Chinese policymakers have finally had their way, with stocks rallying on Thursday.

With wide-ranging new rules aimed to curb selling and much of the market in a trading halt, the benchmark Shanghai Composite index put on 5.79%, its largest one-day percentage increase since March 4, 2009. Buying large-cap stocks appears to have propelled the broader market higher, with the Shanghai stock exchange 50 index jumping 6.63%.

Business Insider Australia

Elsewhere the CSI 300, which comprises the 300 largest firms on the Shanghai and Shenzhen exchanges, rose 6.40%, while small-cap indices such as the CSI 500, Shenzhen Composite, and the tech-heavy ChiNext added more than 3%.

Reflective of the positivity in mainland Chinese markets, along with significant short-covering, Hong Kong's Hang Seng, after plunging nearly 6% on Wednesday, is up by 3.71% shortly before the close.

The positivity from Chinese markets was reflected across the region, with the Nikkei in Japan and the Kospi in South Korea advancing 0.6% and 0.58% respectively. The ASX 200 in Australia, having been down more than 1% earlier in the session, finished flat.